Airtasker’s commitment to outdoor advertising

Airtasker and oOh!media Join Forces to Boost Out of Home Advertising Across Australia

Airtasker Limited (ASX: ART) (Airtasker) has announced a $6 million media partnership with oOh!media Limited (ASX: OML) (oOh!media), a leading Australian out of home advertising company. This strategic partnership is set to enhance Airtasker's brand visibility across Australia, utilizing oOh!media’s extensive network of OOH advertising assets.

The collaboration offers Airtasker a capital-efficient growth opportunity by leveraging oOh!media’s over 35,000 OOH advertising sites, including prominent billboards, street furniture, airports, office buildings, and retail centers. These prime locations are key to capturing high traffic and increasing brand awareness through effective traffic advertising strategies.

Under the terms of this partnership, Airtasker will receive $6 million worth of advertising inventory from oOh!media in exchange for a 2-year, $5 million convertible note with a 5.8% coupon rate. Upon maturity, Airtasker can either convert the outstanding note and accrued interest into ordinary shares at a 10% discount to Airtasker’s 30-day volume-weighted average share price or choose to repay the note and interest in cash.

As of the quarter ending March 31, 2024, Airtasker reported a positive free cash flow of $2.5 million and $19.7 million in cash and term deposits, with no outstanding debt.

Airtasker's Expansion in Out of Home Advertising with oOh!media

Airtasker CEO Tim Fung expressed his enthusiasm for the partnership, stating, "We are thrilled to collaborate with oOh!media in Australia, building upon our successful media partnership strategy. Out of home advertising is highly impactful due to its unmissable presence in an increasingly cluttered media environment. This partnership will allow us to expand our reach through innovative OOH advertising formats and strategically placed billboards that connect with Airtasker customers when they need it most—whether it's for furniture assembly or tech installation in high-traffic retail areas."

Fung also highlighted Airtasker’s previous success with out of home advertising, noting, "Our $6.7 million Channel 4 media partnership in the UK resulted in a 49% increase in posted tasks in Q3 FY24, just six months post-launch. We're excited to continue this momentum with oOh!media in Australia."

oOh!media's Strategic Take on Traffic Advertising

oOh!media’s Chief Strategy and Transformation Officer, Andrew Every, echoed this excitement, commenting, “We are excited to partner with Airtasker. This collaboration allows Airtasker to tap into the power of our unmatched OOH advertising network and advanced data-driven techniques to help drive growth in their trusted community platform."

This partnership marks a significant step in leveraging out of home advertising for both companies, enhancing brand presence through strategic traffic advertising and billboards across Australia.